Lennar (LEN) director exchanges 220 Class A shares for Millrose stock

Rhea-AI Filing Summary

Lennar Corporation director reports share exchange in insider filing. The reporting person tendered 220 shares of Lennar Class A common stock on 11/26/2025, which were accepted by Lennar in an exchange offer for Millrose Properties, Inc. Class A common stock. Each Lennar share accepted in the offer was exchanged for 4.1367 shares of Millrose Class A stock, with cash paid in lieu of fractional shares. After this transaction, the reporting person beneficially owned 14,490 Lennar Class A shares directly and 165 Lennar Class A shares indirectly through a trust for the benefit of the reporting person’s child.

Insider Trade Summary

2 transactions reported

Mixed 2 txns

Insider Banse Amy

Role Director

Type	Security	Shares	Price	Value
Other	Class A Common Stock	220	$0.00	--
holding	Class A Common Stock	--	--	--

Holdings After Transaction: Class A Common Stock — 14,490 shares (Direct); Class A Common Stock — 165 shares (Indirect, By Trust)

Footnotes (1)

1. Represents shares of Lennar Class A Common Stock that were validly tendered by the Reporting Person and accepted by Lennar in connection with the exchange offer by Lennar of Millrose Properties, Inc. ("Millrose") Class A Common Stock for shares of Lennar Class A Common Stock. The Reporting Person received a number of shares of Millrose Class A Common Stock, calculated at a ratio of 4.1367 shares of Millrose Class A Common Stock per share of Lennar Class A Common Stock accepted in the exchange offer, subject to cash in lieu payment of fractional shares. These shares are held in a trust, of which the reporting person is the trustee, for the benefit of the reporting person's child.

Form 4 Insider Transactions: What Each Field Means →

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Banse Amy

(Last) (First) (Middle)

5505 WATERFORD DISTRICT DRIVE

(Street)

MIAMI FL 33126

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
LENNAR CORP /NEW/ [ LEN, LEN.B ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
11/26/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Class A Common Stock	11/26/2025		J(1)		220	D	(1)	14,490	D
Class A Common Stock								165	I	By Trust(2)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Represents shares of Lennar Class A Common Stock that were validly tendered by the Reporting Person and accepted by Lennar in connection with the exchange offer by Lennar of Millrose Properties, Inc. ("Millrose") Class A Common Stock for shares of Lennar Class A Common Stock. The Reporting Person received a number of shares of Millrose Class A Common Stock, calculated at a ratio of 4.1367 shares of Millrose Class A Common Stock per share of Lennar Class A Common Stock accepted in the exchange offer, subject to cash in lieu payment of fractional shares.

2. These shares are held in a trust, of which the reporting person is the trustee, for the benefit of the reporting person's child.

	/s/ Mark Liberman as attorney-in-fact for Amy Banse	12/01/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What insider transaction did Lennar (LEN) report on November 26, 2025?

The filing shows a Lennar director tendered 220 shares of Lennar Class A common stock in an exchange offer and those shares were accepted by Lennar.

What did the Lennar (LEN) director receive for the tendered shares?

The reporting person received Millrose Properties, Inc. Class A common stock at a ratio of 4.1367 Millrose shares per Lennar share accepted, with cash paid instead of any fractional shares.

How many Lennar (LEN) shares does the insider own after this Form 4 transaction?

Following the reported transaction, the insider beneficially owned 14,490 shares of Lennar Class A common stock directly and 165 shares indirectly through a trust.

What is the nature of the indirect ownership reported for Lennar (LEN)?

The 165 indirect shares are held in a trust, where the reporting person is trustee, for the benefit of the reporting person’s child.

What is the role of the reporting person at Lennar (LEN)?

The reporting person is identified as a Director of Lennar Corporation.

Was this Lennar (LEN) transaction part of a broader exchange offer?

Yes. The shares were tendered and accepted in connection with Lennar’s exchange offer of Millrose Properties, Inc. Class A common stock for Lennar Class A common stock.